Ginnie Mae’s adjustable-rate mortgage securitization business is booming at a clip of $1 billion a month, according to a recent Deutsche Bank report. But most of the hybrid ARMs backing these transactions are coming from the smaller VA home loan program, rather than the FHA. Ted Foster, vice president of Ginnie Mae’s MBS division, said that VA hybrid ARM deals made up more than two-thirds of its total ARM securitizations from November 2003 to September…